Who is Mogo Finance?

Mogo Finance Technology Inc., headquartered in Toronto, Ontario, stands as a prominent lending entity with an extensive clientele exceeding 900,000 members across Canada. Mogo's core mission revolves around empowering Canadians to master their financial matters by offering an array of financial solutions tailored to navigate life's most challenging scenarios.

Mogo extends a comprehensive suite of products and services, including but not limited to:

1. Personal Loans ranging from $100 to $35,000
2. Mortgage Solutions
3. Free Credit Score Monitoring
4. Identity Fraud Protection
5. Credit Card Services
6. Cryptocurrency Offerings

Eligibility for specific products or services may involve distinct qualifying criteria. Detailed information can be found on the Mogo website, outlining the steps to become a Mogo member.

Qualifying for a Personal Loan with Mogo

Mogo predominantly operates through online channels, offering accessible financial solutions. However, their services are available in specific provinces and territories within Canada. To be eligible for Mogo's products and services, you need to be a permanent resident of the following areas:

Provinces:

• Ontario
• British Columbia
• Alberta
• Manitoba
• Prince Edward Island
• Nova Scotia
• Saskatchewan
• Newfoundland & Labrador
• New Brunswick

Territories:

• Northwest Territories
• Nunavut
• Mogo does not currently operate in Quebec. Moreover, eligibility for loans and other offerings requires being of legal age in your province or territory (18-19+).

Additional documentation that may be necessary for qualification includes:

1. Proof of income (such as paychecks)
2. Verification of an active bank account (recent statements)
3. Employment history (a minimum of 30 days of steady employment)

As Mogo reports client information to Equifax, one of Canada's primary credit bureaus, a credit check may also be conducted during the application process. This assessment helps determine your track record in meeting previous financial obligations and any recent delinquencies.

Distinctive Features of Mogo Finance

Engaging with Mogo Finance offers several distinct advantages:

• Broad Geographic Reach: Mogo operates across nearly all provinces and territories in Canada.
• Diverse Financial Solutions: Mogo presents a range of financial options to address various needs.
• Online Accessibility: Mogo's online services are available 24/7 for your convenience.
• Money-Back Guarantee: Mogo provides a 100-day money-back guarantee for dissatisfied customers. If unsatisfied with your loan within this period, repaying the principal balance covers interest and fees, leading to a refund.
• Positive Credit Impact: Responsible loan payments contribute to an improved credit score (applicable to loans acquired after April 5th, 2018).
• Member Benefits: Mogo members gain access to free credit score monitoring, a Mogo Visa Platinum Prepaid Credit Card, and pre-approval for a MogoMoney personal loan (without affecting credit score).

Cost Structure of Mogo Personal Loans

Mogo Finance offers diverse personal loan options, varying in size, repayment duration, and overall cost. For instance:

• Mogo specifies loans ranging from $100 to $35,000 with repayment terms spanning from 2 weeks to 5 years.
• Standard MogoLiquid personal loans typically range from $2,000 to $35,000, featuring an average term of 1 to 5 years.

The total cost of your Mogo loan can be influenced by:

• Your province or territory of residence
• Gross yearly income (minimum $13,000 for eligibility)
• Employment status
• Recent financial challenges or delinquencies
• Outstanding debt
• Credit score (660-900 is optimal)
• Interest rate (representative rate at 22.9% APR)
• Repayment term length
• Associated administrative fees (such as loan origination)

Prior to applying for a Mogo personal loan, it's advisable to consult a representative to understand the complete cost structure and ensure affordability alongside your other financial commitments.

Pros and Cons of Choosing Mogo

Advantages:

1. No early repayment charges
2. Membership perks enhance overall value
3. Adjustable interest rates and repayment terms
4. Positive credit impact through responsible payments
5. 100-day money-back guarantee policy
6. Quick and relatively easy approval process, accommodating bad credit
7. Availability of substantial loan amounts

Disadvantages:

1. Higher interest rates for larger loan amounts or less-than-perfect finances
2. Non-sufficient funds (NSF) penalties and additional interest for defaulting on payments
3. Potential risk of unmanageable debt and credit score reduction due to payment inability
4. Unclear disclosure of additional loan fees on the Mogo website

Mogo FAQs

How can I enhance my approval likelihood?

Mogo evaluates credit history, income, and employment to gauge creditworthiness. Improving these factors can increase approval chances.

How are payments allocated between interest and principal?

Allocation of payments varies based on loan type, repayment choices, and geographic location. Details are outlined in your loan agreement.

What are NSF fees?

Non-Sufficient Funds (NSF) fees are charged when a transaction exceeds available funds in your chequing account. Mogo's NSF fees range from $20 to $50 for loan products.

Can I repay my loan ahead of schedule?

Mogo allows early repayment without penalty, provided notification is given.